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July 03, 2018

FED proposed to extend for three years, with revision, the mandatory Banking Organization Systemic Risk Report (FR Y-15; OMB No. 7100-0352). The revisions are effective from the June 30, 2018 report date. FED also updated the reporting form and instructions for FR Y-15.

FED proposed, in August 2017, to amend the form FR Y-15 to include Mexican pesos in total payments activity, instead of as a memorandum item; to add securities brokers to the definition of financial institutions; to expressly include derivative transactions where a clearing member bank guarantees performance of a client to a central counterparty (CCP); and to specify how certain cleared derivatives transactions are reported. The proposal was amended October 18, 2017, to extend the proposed implementation date from December 31, 2017 to March 31, 2018 and to extend the public comment period for the proposal for an additional 30 days.

Comment period for the proposal expired on November 23, 2017 and seven comments were received. One respondent expressed general support of the proposal while six responses were focused on the FED proposal to include in Schedule D, item 1 the notional amount of over-the-counter derivative transactions where a clearing member bank guarantees the performance of a client to a CCP. The reporting frequency of the agency form number FR Y-15 is said to be quarterly. The FR Y-15 quarterly report collects systemic risk data from U.S. bank holding companies, covered savings and loan holding companies, and U.S. intermediate holding companies with consolidated assets of USD 50 billion or more, and any bank holding company designated as a global systemically important bank (G-SIB) that does not otherwise meet the consolidated assets threshold for bank holding companies.

 

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Effective Date: June 30, 2018

Keywords: Americas, US, Banking, Reporting, Systemic Risk, FR Y-15, FED

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